An official source indicated that agreements with several companies, including the American Chevron, are expected to be announced in the coming days, aiming to raise oil extraction capacity in Venezuela.
Previously, the United States had granted the private company North American Blue Energy Partners (NABEP) a one-hundred-year exploration right over part of Venezuela's oil reserves. Under this arrangement, the US Department of Defense would receive 35% of the controlling company.
Over a century, NABEP is tasked with drilling seventeen oil fields, with the potential to extract sixty-five billion barrels of crude oil. According to information released by the White House, the Department of Defense holds 35% of NABEP's parent company, while the State Department would have the right to acquire twenty percent of the oil at production cost to supply American strategic reserves.
NABEP, led by Venezuelan businessman Alejandro Betancourt, positions itself as the country's second-largest oil producer, with output exceeding two hundred thousand barrels per day. However, Betancourt has been the subject of investigations in Spain, Switzerland, and the US for alleged tax fraud and money laundering related to operations involving the Venezuelan state oil company PDVSA.
With this new pact, NABEP aims to increase its production beyond one million barrels per day. Since the kidnapping of Venezuelan President Nicolás Maduro in January, the US has supported the current president, Delcy Rodriguez.
China expressed concern, demanding that its interests in Venezuela be preserved, especially after rumors that the agreement could impact fields where companies such as Sinopec and CNPC operated. The spokesperson for the Chinese Ministry of Foreign Affairs, Guo Jiakun, stated at a press conference that China-Venezuela cooperation 'is protected by international law and the laws of both countries,' arguing that economic and trade ties must follow the principles of equality and mutual benefit.
Donald Trump had announced this control over Venezuelan oil, whose reserves are considered the largest in the world. US reserves amount to forty-six billion barrels. Although Rodriguez mentioned a twenty-five-year validity period, Trump proposed a one-hundred-year term.
Rafael Ramirez, former PDVSA president, classified the situation as a demonstration of 'American neocolonialism.' He criticized on social media 'an agreement concluded behind the country's back, manifestly unconstitutional, which cedes control of the territory and oil to a foreign power.'
In an editorial, the Wall Street Journal compared the agreement to a movie scene, suggesting that it 'looks less like a classic transaction and more like a famous scene from the movie 'The Godfather Part II',' referencing meetings between mobsters and businessmen with the then Cuban president, Fulgencio Batista.
The details of the deal are still under development. Francesco Sassi, a researcher in energy geopolitics, highlights the 'unprecedented' aspect of the US government's involvement, given that it does not own any oil company.
Senator Marco Rubio, Secretary of State, described the agreement as a 'great victory' for reducing fuel costs for Americans, which have increased significantly due to attacks on Iran. However, analysts show caution regarding how quickly prices will adjust, given that major US oil companies have not yet issued statements on the news.
Since Maduro's kidnapping, Trump has sought to increase Venezuelan production but faces resistance from oil companies, except for Chevron, regarding investments and the memory of nationalizations. Andy Lipow of Lipow Oil Associates assessed that 'it is difficult to know if the agreement will remain valid after Trump, if it will be modified or even canceled,' which decreases investor interest.